Bajaj Consumer Care Q4 FY26: Revenue +32%, PAT +105%

Key takeaway from the April 17 board-approved results

Bajaj Consumer Care Limited (BOM: 533229) reported a sharp improvement in profitability in Q4 FY26, alongside strong top-line growth. The company’s board approved the audited financial results for the quarter and full year ended March 31, 2026, at a meeting held on April 17, 2026. Management highlighted that the year marked the first time the business crossed the INR 1,000 crore level in annual revenue, supported by pricing, revenue management and product mix actions.

The reported numbers also showed a material expansion in gross margin and EBITDA margin. At the same time, management flagged caution on sustaining margins in the face of cost inflation and volatility, even as it indicated confidence about operating gross margins in the current range over the medium term.

Q4 FY26 performance: growth plus operating leverage

In Q4 FY26, consolidated revenue from operations rose to INR 326.5 crore, compared with INR 246.7 crore in Q4 FY25, as per the company’s investor presentation. Consolidated EBITDA more than doubled to INR 77.4 crore from INR 32.9 crore, with EBITDA margin expanding to 23.7% from 13.3%. Net profit after tax (PAT) increased to INR 63.6 crore from INR 31.0 crore.

Management attributed the quarter’s outcome to revenue uplift and margin expansion rather than a large jump in volumes. In the earnings call, Managing Director Naveen Pandey said the company benefited from strategic pricing, revenue management and mix improvements. He also said there were no one-off factors affecting the results, other than the acquisition of Vishal Personal Care being included in consolidated revenues.

Standalone versus consolidated: what management said

On a standalone basis, Q4 FY26 revenue was INR 308 crore, up 28% year-on-year, according to management commentary. On a consolidated basis, management cited revenue of about INR 327 crore, up 32% year-on-year. For profitability, management said Q4 standalone EBITDA was INR 78 crore with a 25% margin, while consolidated EBITDA was about INR 77 crore with a margin of about 23.7%.

For profit, management said Q4 standalone PAT was INR 64.1 crore (20.8% margin) and consolidated PAT was INR 63.6 crore (19.5% margin). These figures indicate that the quarter’s improvement was broad-based across revenue and margins.

Margin expansion: gross margin crosses 63% in Q4

Gross margin was a standout metric in the quarter. The investor presentation reported Q4 gross margin at 63.6%, up from 54.0% a year ago. Management cited gross margin of around 63% for the quarter and 60% for the full year, and said the full-year improvement was about 650 basis points over the previous year.

Management linked the change to pricing and mix actions, including pack-size optimisation using consumer insights and revenue management principles. The company also said it intends to operate gross margins in the current zone over a medium-term basis, while remaining watchful of cost inflation and market volatility.

Channels and demand: general trade recovery and organised trade growth

The company said general trade recovered during the quarter and grew ahead of other channels, supported by its key brand ADHO and distribution efforts under “Project Aarohan.” Management highlighted that both urban and rural channels performed well. Within urban, retail and wholesale sub-channels were cited as performing strongly.

Organised trade, including modern trade and e-commerce, was also reported to have performed well, registering “strong 20s” growth year-on-year in Q4. However, management noted the performance of CSD CPC was muted at a channel level.

Volumes and advertising: mixed volume picture, higher ad spend

Management indicated that volume growth in Q4 was near double-digit on an adjusted basis (after accounting for pack-size changes) and mid single-digit on an absolute basis. It also said the company continued to see volume market share gains on a quarterly and MAT basis.

On brand investment, management disclosed that consolidated advertising spend for the quarter was up 34% versus the same period last year. It said it was maintaining share-of-voice intensity and was satisfied with digital campaign performance.

FY26 snapshot: crossing INR 1,000 crore and higher profitability

For FY26, management stated the company delivered net revenue of INR 1,153 crore, up 21%, and said this was the first time it crossed INR 1,000 crore. It also cited full-year EBITDA of INR 224 crore at a 19.5% margin, and full-year PAT of INR 190 crore at a 16.5% margin.

In the investor presentation, FY26 revenue from operations was reported at INR 1,153.4 crore, with EBITDA of INR 224.4 crore and PAT of INR 190.2 crore. Separately, a regulatory filing excerpt in the provided material stated FY26 revenue from operations at INR 1,164.71 crore and FY26 profit at INR 190.18 crore.

Non-ADHO portfolio: INR 225 crore base, INR 500 crore goal

A key strategic theme in the earnings call was portfolio diversification beyond ADHO. Management said FY26 revenue from the non-ADHO portfolio (also referred to internally as the “group portfolio”) was INR 225 crore. It added that the portfolio was already profitable and a positive contributor.

The company’s stated goal is to grow this non-ADHO portfolio to about INR 500 crore over the next three years. This target frames a multi-year focus on scaling adjacent products while continuing to build the core hair oil franchise.

International business: pressure, but Bangladesh breakeven mentioned

The earnings call commentary described international business as a challenging area, with the business declining in the quarter overall. The “negative points” section in the provided material also referenced declines in key markets such as Nepal and Bangladesh, although it noted a breakeven in Bangladesh.

Management, meanwhile, highlighted Bangladesh breakeven and further margin improvement in Nepal, and said it would continue to grow Nepal and Bangladesh in a profitable and sustainable manner. The overall takeaway from the provided information is that overseas markets remain a work-in-progress compared with the domestic channel momentum.

Market reaction and disclosures: stock jump and call recording

After the results, shares of Bajaj Consumer Care ended the day at INR 470.45, up 9.80% from the previous close, according to the provided report. The company also made available the audio recording of its earnings conference call held on April 17, 2026, citing Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It indicated that the transcript would be submitted to stock exchanges and published on its website in due course.

Summary table: key reported numbers

Why this quarter matters: what investors will track next

The quarter combined strong revenue growth with a step-change in margins, suggesting meaningful operating leverage in a period management described as volatile. Investors are likely to watch whether the company can hold gross margins near the FY26 level while managing cost inflation, as management itself flagged caution on sustainability.

Another focus area will be execution against the non-ADHO portfolio plan, where the base of INR 225 crore in FY26 is expected to scale toward INR 500 crore over three years. Alongside this, commentary on general trade recovery, rural traction, and the trajectory of international operations will remain important signposts in upcoming quarters.